United Therapeutics (UTHR) investor relations material

Executive summary

• Q2 2026 revenues were $783.3M, down 2% year-over-year, with net income up 8% to $333.0M and diluted EPS up 13% to $7.27, driven by Tyvaso DPI and Unituxin growth offsetting declines in Nebulized Tyvaso and Remodulin.

• Submitted NDAs for ralinepag tablets in PAH and Nebulized Tyvaso in IPF, with additional filings for ralinepag DPI and treprostinil SMI planned later in 2026.

• Organ manufacturing pipeline advancing, with new xeno-organ production facilities launching in Minnesota and Texas, and acquisition of Thymmune Therapeutics expanding regenerative medicine strategy.

• Record Tyvaso DPI referrals, starts, and total patients; Tyvaso remains the most prescribed prostacyclin in the U.S.

• Share repurchases totaled $1.5B in H1 2026, reducing outstanding shares and supporting EPS growth, with $500M remaining authorized.

Financial highlights

• Tyvaso DPI revenues grew 4% year-over-year to $326.6M, while Nebulized Tyvaso fell 18% to $126.0M; total Tyvaso revenues declined 4% to $452.6M.

• Remodulin revenue was $126.3M, down 6% year-over-year; Orenitram revenue was $126M, up 1% year-over-year; Unituxin revenue grew 12% to $65M.

• Gross margin for Q2 2026 was $683.8M on $783.3M revenue (87%).

• Cash, cash equivalents, and marketable investments totaled $3.8B as of June 30, 2026.

• Trailing twelve-month operating cash flow was $1.7B.

Outlook and guidance

• Anticipates potential approvals for Nebulized Tyvaso in IPF and ralinepag tablets in PAH by next year, both seen as multi-billion-dollar growth catalysts.

• Maintain a path to a $4B revenue run rate by end of 2027, factoring in anticipated launches of IPF and ralinepag.

• $180M budgeted for capital expenditures through 2028 for new manufacturing and clinical facilities.

• Expects Tyvaso DPI to expand into IPF and PPF indications.

• Anticipate more details on launch ramps and peak potential for new products later in 2026 or early 2027.